Kazakhstan and Thailand sign agreement on trade and economic cooperation

Kazakhstan and Thailand signed an agreement on the development of long-term bilateral economic cooperation. Kazakhstan will get an opportunity to attract Thailand’s investors into special economic areas that suggest tax and customs duties exemption, Kazinform News Agency reports.

Today Trade and Integration Minister Arman Shakkaliyev and Deputy Prime Minister and Minister of Commerce of Thailand Phumtham Wechayachai signed an agreement on trade and economic cooperation between the two countries.

The Kazakh Minister said the sales between the two countries grew by 35.9% to reach 367.7 million US dollars, and Kazakhstan’s exports increased up to 55.3 million US dollars.

Thailand is Kazakhstan’s key trading partner in Southeast Asia. We see significant potential to increase exports, including metallurgic products, chemical products, agriculture and mineral resources. Kazakhstan may export honey, caviar, meat delicacies and top-quality alcoholic drinks and others to Thailand, Shakkaliyev said.

The parties debated industrial cooperation, including fleece processing joint ventures, textiles, leather and foowear production. Kazakhstan suggested exemptions and concessions for new investment projects.

The Kazakh Minister offered to develop air cargo to boost trade in high-margin goods and highlighted that a favorable visa regime between the two countries would contribute to stepping up business activities.

For the past five years, the total volume of Thailand’s investments in Kazakhstan reached 100 million US dollars. in 2017 Kazakhstan ranked second among Thailand’s EAEU partners with commodity turnover up to 172 million US dollars.